Investment Thesis

Nordson maintains and grows market leading positions in its businesses through the continuous introduction of differentiated, best-in-class technology that increases customers’ production, improves productivity and reduces their costs. Nordson couples its winning technology with superior global service, including a highly consultative sales approach, application expertise, direct on-site service and readily available parts, to offer a complete value proposition that is difficult for competitors to match.

Revenues are balanced between more stable durable and non-durable goods end markets and faster growing technology end markets, all of which include a steady stream of high margin parts and consumables sales. The company drives organic growth that outpaces global GDP by maintaining leadership in mature geographies, capturing rapidly expanding opportunities in emerging geographies, and by leveraging existing technology into new applications. Additional growth comes through the acquisition of companies that share Nordson business model characteristics and that can be grown rapidly via Nordson’s global infrastructure.

A lean and decentralized global team, operating close to the customer and focused on continuous improvement via the Nordson Business System, consistently executes at a high level to generate outstanding margins, excellent returns on invested capital and high levels of cash. Dividends have increased annually for more than 50 consecutive years, placing Nordson in an elite group of 15 U.S. publicly traded companies to have raised their dividend for this number of consecutive years. The company’s total shareholder return outperforms relevant peer indices.